Cross-border RMB trade becoming more frequent

14:04, May 20, 2011      

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According to Night Chat by the Huangpujiang, a business conference held on May 19 in Lujiazui, Shanghai, in the first quarter of this year, cross-border trade deals denominated in the Chinese currency amounted to 530 billion yuan, which is more than the total volume of such deals in 2010. Besides, the cross-border flow of RMB is showing signs of acceleration.

The total volume of last year's cross-border trade deals denominated in the Chinese currency reached 500 billion yuan, accounting for 2 percent of the total trade volume of imports and exports, said Li Bo, the director of the monetary policy department of the central bank. This year, RMB-denominated trade continues to grow and totaled 530 billion yuan in the first quarter, accounting for 5 percent of the trade volume in the same period of last year.

At first, the pilot cities of cross-border trade included four cities in Guangdong Province and Shanghai, and it was expanded to 20 provinces in June 2010. The number of pilot enterprises increased from 365 to about 6,700, which was the primary reason for the acceleration of cross-border RMB flow.

The starting point and the final goal of cross-border RMB business is to facilitate trade and investment, cater to market needs and serve the real economy. In January 2011, the People's Bank of China and other related departments issued measures allowing direct investments in foreign countries by domestic enterprises using RMB. As of now, the total value of such investments is about 19 billion yuan.

Furthermore, measures concerning foreign direct investment using RMB are also being drafted, and a few pilot projects have been carried out.

By People's Daily Online

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